I’d like to buy some stock in 1 or 2 companies, not wanting to invest a lot of money just a little to get a feel for the market. I don’t know a lot about the stock market but I know I’m going to have to pay an online broker to handle my trading, what is a good cheap online broker? How do fees work, do you pay per trade or make monthly payments? I don’t want to pay a month if I’m only looking to buy 0-200 in a company!
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4 Comments on “Best way to buy small amount of stock for the first time?”
muncie birder 16th March 2010
An inexpensive on line broker is Scottrade at $7.00 per trade. There are no other fees that I am aware of. They also have among the least expensive fees for no load mutual funds but those are even cheaper (no fee) if you buy them from the mutual fund company. $100-$200 is a start. My first stock purchase of about $200 but that was almost 50 years ago when a dollar was worth about 10x what it is worth today. We all have to start somewhere, but keep in mind that on a $100 purchase your brokerage fee is 7%. American Funds which you buy threw a stock broker is only 5.75%. The minimum purchase is $250 almost in your ballpark. They are among the premier fund companies of all times. And every one of their funds has beaten the S&P 500 index over the last 10 years. Every one. They might be the only large fund company that can say that. I am not certain on that point, but I do know that Fidelity can not, T Rowe Price can not, and Vanguard can not. those are no load funds.
Ted J 16th March 2010
penny stocks?
jlf 16th March 2010
You pay per transaction. Some brokers will also charge an account "maintenance fee" if your account is below a certain dollar amount.
raypay2003 16th March 2010
Go to cumputershare Shareholder Services-Investment Plans some co. will let you buy direct they are called DRIP’S direct reinvesmemt programs .